SOCAR and Netherlands Fugro have reached an agreement to create a new joint venture (JV) to perform bathymetric, geophysical and geotechnical studies, Fugro company reported.
The statement reads that the JV will be supplying the autonomous underwater devices and remotely operated transportations, provide diving services and other services both onshore and offshore Azerbaijan.
The agreement to form SOCAR-Fugro, in which 51% share is owned by SOCAR is based on the initial agreement, which was signed in 1995, concerning creation of a joint venture Azeri Fugro.
Azeri-Fugro JV provides a wide range of geotechnical and ecological services in the Caspian Sea region, which are required for the oil exploration. It uses experience of the entire group of Fugro Group companies to receive access to a wide range of knowledge of specialists and resources within the framework of any operating Fugro company.—0—
Economics
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Azerbaijan has introduced new rules to simplify the leasing of agricultural land on liberated territories, aiming to attract investments and enhance agricultural productivity, according to a presidential decree issued on November 27, 2024.
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The Asian Development Bank (ADB) allocated $10.5 million to support the retail sector in Azerbaijan, marking another step in its ongoing support for the country’s economic modernization. These investments align with Azerbaijan's broader ambitions to diversify its economy and strengthen small and medium-sized enterprises (SMEs), which are key pillars of sustainable growth.
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At today’s session of the Milli Majlis, Azerbaijan’s parliamentarians discussed and approved in the first reading a draft law increasing the minimum subsistence level for 2025. The updated figures reflect a modest rise of 10 manats, setting the nationwide living wage at 285 manats. For specific demographics, the levels are 305 manats for the working population, 232 manats for pensioners, and 246 manats for children. The same session also approved the criterion of need at 285 manats for the coming year, aligning it with the national living wage.
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This year, the plans of the Australian holding Fortescue Future Industries (FFI) for developing "green" projects in Azerbaijan have been adjusted, though negotiations initiated two years ago are ongoing, an informed source told Turan.
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